HATHWAY INVESTMENTS P. LTD, MUMBAI V. ACIT CEN CIR 34, MUMBAI

ITA 6385/MUM/2010

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 55660 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 1 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-10-2011
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: H
• Assessment Year: 2007-2008
• Appeal Filed On: 30-08-2010
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Section: 14A

Judgement Text

1 HATHWAY INVESTMENTS P LTD IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI H BENCH MUMBAI BENCHES, MUMBAI BEFORE SHRI J SUDHAKAR REDDY, AM & SHRI VIJAY PAL RAO, JM ITA NO. 6385/MUM/2010 (ASST YEAR 2007-08 ) HATHWAY INVESTMENTS P LTD RAHEJAS, 4 TH FLOOR, CORNER OF MAIN AVENUE & V P ROAD, SANTACRUZ (W) MUMBAI 54 VS THE ASST COMMR OF INCOME TAX CEN.CIR 34, MUMBAI (APPELLANT) (RESPONDENT) PER VIJAY PAL RAO, JM THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER DATED30.6.2010 OF CIT(A) FOR THE AY 2007-08. 2 THE ASSESSEE RAISED VARIOUS GROUNDS IN THIS APPEA L; HOWEVER, THE ONLY ISSUE ARISES FOR OUR CONSIDERATION AND ADJUDICATION IS WH ETHER IN THE FACTS AND CIRCUMSTANCES OF THE CASE THE CIT(A) IS JUSTIFIED I N UPHOLDING THE ACTION OF THE ASSESSING OFFICER IN DISALLOWING A SUM OF RS. 5,92, 945/- U/S 14A BY APPLYING THE RULE 8D OF THE I T RULES. 13 WE HAVE HEARD THE LD AR AS WELL AS THE LD DR AND CONSIDERED THE RELEVANT MATERIAL ON RECORDS. SINCE THE ASSESSMENT YEAR INV OLVED IN THE INSTANT CASE IS 2007-08 AND RULE 8D IS APPLICABLE ONLY PROSPECTIVEL Y I.E. FROM ASSESSMENT YEAR 2008-09 AS HELD BY THE HONBLE HIGH COURT; THEREFOR E, THE MATTER NEEDS TO GO BACK TO THE FILE OF THE ASSESSING OFFICER FOR FRESH ADJU DICATION IN THE LIGHT OF THE LATEST PAN NO. AAACH1675B ASSESSEE BY SHRI NITESH JOSHI REVENUE BY SHRI V GV SHASTRI DT.OF HEARING 17 TH OCT 2011 DT OF PRONOUNCEMENT 21 ST OCT 2011 2 HATHWAY INVESTMENTS P LTD DECISION OF THE HONBLE JURISDICTIONAL HIGH COURT I N THE CASE OF GODREJ BOYCE MFG CO LTD VS DCIT REPORTED IN 328 ITR 81. WE, THEREFOR E, RESTORE THIS ISSUE TO THE RECORD OF THE ASSESSING OFFICER FOR FRESH ADJUDICATION IN THE LIGHT OF THE DECISION CITED SUPRA AND IN ACCORDANCE WITH LAW AFTER GIVING DUE OPPORTU NITY OF BEING HEARD TO THE ASSESSEE. 14 IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS PARTLY ALLOWED FOR STATISTICAL PURPOSE. ORDER PRONOUNCED ON THE 21 ST , DAY OF OCT 2011. SD/ SD/- ( J SUDHAKAR REDDY ) ACCOUNTANT MEMBER ( VIJAY PAL RAO ) JUDICIAL MEMBER PLACE: MUMBAI : DATED: 21 ST ,OCT2011 RAJ* COPY FORWARDED TO: 1 APPELLANT 2 RESPONDENT 3 CIT 4 CIT(A) 5 DR /TRUE COPY/ BY ORDER DY /AR, ITAT, MUMBAI